2024
Diversity and Inclusion Report
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Link to 2023 report
Foreword
01
At Baillie Gifford, our continuing efforts to make our firm an engaging and progressive workplace have led to more diverse talent pipelines, another reduction in our gender pay gap, more internal mobility, and broader awareness of diversity and inclusion (D&I) initiatives.
We still have more to achieve. We continue to evolve and learn from our data and the insights staff share with us in our annual staff survey and feedback from our vibrant employee-led networks. We use these insights to challenge ourselves and to target our efforts in areas that will make a difference.
Many of the challenges we face as an asset manager are not unique, and we continue to engage with our clients and wider industry groups worldwide to share our experiences and learn from others.
As with our investment approach, we want to drive long-term sustainable change. We remain confident in the steps we are taking as a firm, recognising that our progress may not always be linear. Our second annual D&I report is transparent about our progress and we will continue to use this to hold ourselves accountable.
Andrew Telfer, Amy Atack and Malcolm MacColl
Managing Partners
02
We encourage our people to be curious, innovative and forward-thinking; we want diverse perspectives and experiences to come together to create an engaging and progressive workplace. Ultimately, we believe these elements lead to better research ideas and investment decisions for our clients over the long term. D&I is fundamental to our success as a firm.
Creating and sustaining this type of environment is not possible without an integrated D&I approach. Our long-term goals – Accountability, Culture and Talent – together with our annual action plan, link the structural and behavioural aspects of D&I to guide our focus. A range of business teams, committees and employee-led networks drive this work forward day-to-day, and we measure our progress annually through a range of perspectives to continually refine our focus and improve our approach. This ensures transparency regarding our progress and that our work remains data and insight-led.
Kathrin Hamilton
Partner and Chair of the Diversity and Inclusion Group
Collaboration across our firm
The following groups play a key role in our approach to D&I. They bring a wealth of work and life experience and their collective efforts drive progress against our goals.
Our people; data and stories
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03
Data is one of the starting points to effecting positive change in D&I. Capturing and monitoring D&I data of our 1,817 global workforce is also an important component to identifying any potential inequality, ensuring our policies are fair and providing an evidence base for any future initiatives. Unless otherwise stated, the data provided in this report is as at 31 March 2024 and relates to permanent employees. For reference, data as at 31 March 2019 is also provided.
Improving accountability and understanding of whistleblowing
Investing in financial wellbeing and harnessing diversity
My working life as an unpaid carer
Designing our office environment through a D&I lens
Baillie Gifford Partnership
Our networks and partnerships
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04
Baillie Gifford’s networks are employee-led and have been organically formed, with the aim of helping to grow and support an inclusive working environment for all by raising awareness, educating and creating change, where needed.
Diversity and Inclusion Group
Employee Experience Team
Employee-led networks
Our employee networks
Created by our staff for our staff, each network has its own aims and objectives around a shared interest or lived experience. They work closely together and with the Diversity and Inclusion Group to evolve our culture.
External partnerships
Our external partnerships provide valuable resources, insights and support for our D&I efforts. We regularly review our partnerships to ensure they align with our strategic priorities and D&I goals. We also engage with industry bodies to shape and influence how asset management drives change in D&I.
40:40:20 - We strive for a gender balance of 40:40:20 across boards, committees and senior management (40 per cent men, 40 per cent women and 20 per cent any gender). The 20 per cent for any gender allows for flexibility while also acknowledging that not everyone identifies as a man or woman. Our ultimate aim is to attract and recruit the best talent for the role.
Boards and committees - We have a range of boards, committees and groups. The remit of these vary from providing firmwide strategic direction and management to being responsible for specific roles, areas and decision-making.
Corporate Entities and Management Body
Supervisory Committees
Regulatory and Strategic Committees and Groups
Executive Committees and Groups
Working Committees and Groups
Cognitive diversity – The inclusion of people who have different ways of thinking, perspectives and skill sets.
Disability - Under the UK Equality Act 2010, disability is defined as having a physical or mental impairment that has a ‘substantial’ and ‘long-term’ negative effect on your ability to do normal daily activities.
Diversity – This celebrates the variety of differences among people within an organisation. These can include differences in backgrounds, experiences, beliefs, identities, and more.
Early careers - Graduate programmes, internships and apprenticeships.
Employee engagement - Employee engagement represents the levels of enthusiasm and connection employees have with their organisation. It's a measure of how motivated people are to put in discretional effort for their organisation, and a sign of how committed they are to staying there.
Ethnic minority - Ethnic minority refers to employees from a racial and ethnic background who currently represents a smaller part of the Scottish population. Examples of ethnic minority groups include employees from an Asian, Black, Gypsy, Traveller, and mixed ethnic background. We use these groupings for reporting purposes only.
Ethnicity pay gap - The ethnicity pay gap shows the difference in the hourly rate of pay between ethnic minority and non-ethnic minority individuals in an organisation.
Experienced hires - Refers to someone who has previously or consistently worked before being employed at a new organisation such as Baillie Gifford.
Gender - Often expressed in terms of masculinity and femininity, gender is largely culturally determined and is assumed from the sex assigned at birth.
Gender pay gap - Baillie Gifford’s UK gender pay gap is calculated using the median and mean average hourly rate for men and for women at 5 April. The difference between the two figures is our UK gender pay gap. This approach is consistent with the UK regulatory methodology and reflects best practice methodology guidance.
Inclusion - Creating a workplace in which all employees are respected, valued, treated equally and can progress. It involves creating conditions in which staff feel safe, engaged and empowered, and their contributions are respected and acknowledged, regardless of their differences.
Investment Professionals (All) - Investment professionals are employees whose roles work directly with our investment processes and clients. This includes employees that fall into Investment Professionals (Investment), Investment Professionals (Clients) and employees in Environmental, Social and Governance (ESG), Trading and Investment Risk.
Investment Professionals (Investment) - Refers to employees that are investment managers and investment analysts.
Neurodiversity - This celebrates the diversity of human minds and neurocognitive profiles, allowing for differences in how brains perceive and respond to the world. Neurodivergence can be innate – such as autism, ADHD, dyslexia and dyscalculia – or acquired/temporary – such as mental ill health or acquired brain injury.
Not disclosed - Refers to employees that have selected the option prefer not to say or left their entry blank.
Other - Employees who identify their gender as non-binary or use another term. We use this grouping for reporting purposes only.
Our Shared Beliefs - Our shared beliefs are at the core of everything we do at Baillie Gifford, the principles that guide us every day. They are the core values that are the foundation of our actions and decisions, shaping the firm's unique culture.
Partners - Co-owners of the firm, as at 1 April 2024.
Promotions - Material change in size and complexity of role which we assess through independent industry benchmarking.
Race/ethnicity - The word race places people into categories based on physical characteristics, while ethnicity is self-defined and includes aspects such as culture, heritage, religion, and identity.
Senior management - The most senior staff across firm. Typically Heads of Department or senior managers with significant responsibility who are not partners.
Sexual orientation - Orientation is an umbrella term describing a person’s attraction to other people. This attraction may be sexual (sexual orientation) and/or romantic (romantic orientation). These terms refers to a person’s sense of identity based on their attractions, or lack thereof.
Socio-economic background - Relates to a combination of an individual’s income, occupation and social background.
Turnover – The rolling twelve-month voluntary turnover. It reflects the percentage of employees who choose to retire or resign from the firm over the twelve-month period ending 31 March.
Our people stories
Our colleagues share their reflections on how D&I weaves through their everyday working lives at Baillie Gifford. This collection highlights their unique journeys, some recent business initiatives and how inclusion has been a defining factor in the design of our new Edinburgh office.
Employee-led networks
Our seven employee-led networks are a fundamental part of Baillie Gifford’s culture and long-term success. The purpose of our networks is to further the firm’s inclusive culture by raising awareness about the challenges and aspirations of underrepresented colleagues. Their collaboration helps drive innovation and positive change such as policy improvements and supporting educational awareness.
One-in-three colleagues is associated with at least one of our employee-led networks. These networks help to create communities and safe spaces for colleagues.
Employee Experience Team
The Employee Experience Team within our Human Resources department brings together its knowledge of D&I, employee engagement and wellbeing to shape and implement the firm’s D&I approach. The team supports the Diversity and Inclusion Group (DIG) by ensuring that everything from data handling to policies, practices and communication is aligned to our firmwide D&I goals and Our Shared Beliefs.
Employee experience
Diversity and Inclusion Group
The group is made up of leaders from key business areas, boards, and committees, and they serve as D&I champions within these groups. Their role on the Diversity Inclusion Group is to provide leadership, guidance, and constructive challenge to ensure our D&I approach is aligned to our goals and that we are making progress against them.
Employee experience
Baillie Gifford Partnership
Our 58 partners, who own and work within the firm, hold themselves and others to account on D&I and have a responsibility to role model inclusive behaviours and practices.
Our managing partners have an explicit responsibility for the firm's D&I strategy and goals.
Employee experience
Data at a glance
This section provides a snapshot of the data we collect and monitor.
Our office locations
Hong Kong: 13 Shanghai: 12
Asia
Amsterdam: 4 Dublin: 15 Edinburgh: 1721 Frankfurt: 3
London: 1
Zurich: 2 UK Regions: 8
Europe
New York: 34 Toronto: 2 US Regions: 2
America
Data in detail
Our people
Employee journey
Working patterns
Sexual orientation
Diversity disclosure rates
Inclusion
Pay gaps
View full data report
Glossary
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Boards and committees
Women
Our firmwide gender diversity is 47 per cent but we have more work to do to improve gender diversity across areas of the organisation.
Ethnic minorities
Employees from an ethnic minority background represent 12 per cent of our workforce. We continue to broaden the reach of our recruitment efforts and we have more to do to see ethnic minorities represented across our boards and committees.
Employee turnover
We have a voluntary turnover of 5 per cent and an average tenure of over 8 years.
Gender pay gap
Our median gender pay gap is 10.9 per cent. This is the difference in hourly pay between men and women.
Survey participation
81 per cent of our staff completed our 2024 staff survey, reflecting valuable feedback.
Inclusion
68 per cent of employees feel that they can be their authentic self when asked in our recent staff survey.
Headcount
1,817
70
Nationalities
39
Average age
Our approach and goals
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Goals, progress and action plan
The expansion of our D&I data collection gave us a solid platform to introduce our first D&I report in 2023 where we defined our three long-term goals:
Accountability – drive accountability for D&I across the firm
Culture – create a culture where everyone feels safe, valued and included
Talent – attract, develop and retain talent
We embarked on an ambitious D&I action plan, enabling better conversations with colleagues and clients. It set a clear focus for our work, and we are pleased with the progress being made. Some actions have driven immediate change, others are the first steps towards future progress.
View our 2023 progress highlights
Talent
Culture
Accountability
Parental leave
UK Gender Pay Gap Statutory Methodology
05
Glossary
04
Our networks and partnerships
03
Our people; data and stories
02
Our approach and goals
01
Foreword
2024 action plan
05
Glossary
04
Our networks and partnerships
03
Our people; data and stories
02
Our approach and goals
01
Foreword
05
Glossary
04
Our networks and partnerships
03
Our people; data and stories
02
Our approach and goals
01
Foreword
05
Glossary
04
Our networks and partnerships
03
Our people; data and stories
02
Our approach and goals
01
Foreword
05
Glossary
04
Our networks and partnerships
03
Our people; data and stories
02
Our approach and goals
01
Foreword
Our people stories
Our colleagues share their reflections on how D&I weaves through their everyday working lives at Baillie Gifford. This collection highlights their unique journeys, some recent business initiatives and how inclusion has been a defining factor in the design of our new Edinburgh office.
Hong Kong: 13 Shanghai: 12
Asia
New York: 34 Toronto: 2 US Regions: 2
America
47
%
12
%
5
%
11
%
81
%
68
%
We encourage our people to be curious, innovative and forward-thinking; we want diverse perspectives and experiences to come together to create an engaging and progressive workplace. Ultimately, we believe these elements lead to better research ideas and investment decisions for our clients over the long term. D&I is fundamental to our success as a firm.
Creating and sustaining this type of environment is not possible without an integrated D&I approach. Our long-term goals – Accountability, Culture and Talent – together with our annual action plan, link the structural and behavioural aspects of D&I to guide our focus. A range of business teams, committees and employee-led networks drive this work forward day-to-day, and we measure our progress annually through a range of perspectives to continually refine our focus and improve our approach. This ensures transparency regarding our progress and that our work remains data and insight-led.
Kathrin Hamilton
Partner and Chair of the Diversity and Inclusion Group
Full data report available on desktop version.